Independent Bank (NASDAQ:IBCP - Get Free Report) is projected to issue its quarterly earnings data before the market opens on Thursday, January 23rd. Analysts expect the company to announce earnings of $0.77 per share and revenue of $48,936.00 billion for the quarter. Investors that wish to register for the company's conference call can do so using this link.
Independent Bank (NASDAQ:IBCP - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.11). Independent Bank had a return on equity of 15.26% and a net margin of 19.93%. The company had revenue of $77.84 million for the quarter, compared to analyst estimates of $55.05 million. During the same period last year, the company posted $0.83 EPS. On average, analysts expect Independent Bank to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.
Independent Bank Trading Down 0.1 %
Shares of NASDAQ IBCP traded down $0.03 during trading on Thursday, hitting $34.87. 100,804 shares of the company traded hands, compared to its average volume of 132,070. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $728.57 million, a P/E ratio of 11.86 and a beta of 1.03. The company has a 50-day moving average price of $36.44 and a 200-day moving average price of $33.76. Independent Bank has a 1 year low of $22.53 and a 1 year high of $40.32.
Independent Bank Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th will be given a dividend of $0.26 per share. This is a boost from Independent Bank's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Tuesday, February 4th. Independent Bank's payout ratio is presently 35.37%.
Insider Activity
In related news, EVP Gavin A. Mohr bought 800 shares of the company's stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $36.71 per share, with a total value of $29,368.00. Following the transaction, the executive vice president now owns 18,662 shares of the company's stock, valued at approximately $685,082.02. This trade represents a 4.48 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 5.45% of the company's stock.
Analyst Upgrades and Downgrades
Separately, Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank from $33.00 to $39.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th.
Check Out Our Latest Report on IBCP
About Independent Bank
(
Get Free Report)
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.
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